For example: You have a $1,000 car, $100 in investments, and $500 in business inventory that makes up your assets. You have $500 of car loan debt, $700 of credit card debt, and $200 of personal debt to your friends. For IDA eligibility net worth you would exclude your 1st car and home, so in this case you would subtract the $1000 in car value as well as the $500 loans on your car. You would include everything else.

$100 + $500 = $600 Total Assets $700 + $200 = $900 Total Liabilities

$600 Total Assets - $900 Total Liabilities = -$300 Net Worth

Please note that having a negative net worth does not exclude you from applying to the MCSP program.

Response:

User answer

True

Score 0 of 1

Question:

Based on this chart and the number of people (including myself) in my household, my household annual income is below the value listed.